Obama and Congress Issue Impotent Threats to China

With the Obama Presidency reeling from the mass strike ferment and LaRouche's increasing direction of the anger, Obama and bipartisan groups in Congress are trying desperately to deflect the rage against Washington onto China.

More than 130 Congressmen have sent a letter to Treasury Secretary Tim Geithner and Commerce Secretary Gary Locke, demanding that the Administration designate China a "manipulator" of its currency when it issues its regular report on currency manipulation next month, and called for countervailing duties to be imposed on Chinese imports. Yesterday, the House of Representatives Ways and Means Committee announced a March 24 hearing on China's currency policy.

Today, a bipartisan group of Senators introduced a bill that would require the U.S. to impose tariffs and punishments on nations that fail to address "misaligned" currencies. Co-sponsors include Senators Charles Schumer (D-N.Y.), Debbie Stabenow (D-Mich.), Sherrod Brown (D-Ohio), Lindsey Graham (R-S.C.) and Sam Brownback (R-Kansas).

Lyndon LaRouche noted that all this is yet more "Obamaism," showing the utter stupidity of Obama and the Congress. Referring to Paul Krugman's NY Times article calling for a 25% tariff on Chinese imports, LaRouche laughed that this would just raise the price on goods the population can't buy anyway. "Who's kidding whom?" What you're seeing is that, "Obama died and Hell rejected him!"

Last week, Obama created an "Export Promotion Cabinet" tasked with doubling US exports within five years. Chaired by Robert Hormats, the senior economic advisor to the State Department (and yet another Goldman Suchs alum), Hormats told NPR Monday that the way to achieve this goal was to deal with China's currency, its protective measures, and other horrible things China is doing to wreck the great recovery.